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Hargreaves Lansdown float sets share price at 140-160p

Hargreaves Lansdown has set its IPO price range valuing the firm at 711m.

The company’s 118.6 million ordinary shares will have an indicative offer price of between 140p and 160p.

The offer, which comprises 25 per cent of Hargreaves’ shares, will net the company in the region of 178m.

The prospectus for the flotation has also been published with book-building starting immediately.

The share offer has been made to institutional investors and some clients of Hargreaves Lansdown and will see the firm join the main market as a FTSE 250 company, with no new capital being raised from the offer.

The price of the offer shares and conditional dealings in the ordinary shares is expected to begin in approximately two weeks while admission and unconditional dealings in the ordinary shares are expected to start on or around May 18.

The flotation restricts senior management to selling 25 per cent of their post-flotation shares on announcement of the group’s annual results on June 30 each year from 2008 until 2011.

Hargreaves Lansdown senior adviser Ben Yearsley says: “The important thing to remember is that we are all still committed to the business, with directors and senior manager tied in for four years and other members of the group for at least two years.”

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